Rockland Trust Co. boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 12.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 565,848 shares of the bank’s stock after acquiring an additional 64,150 shares during the quarter. Independent Bank Corp. comprises about 3.7% of Rockland Trust Co.’s portfolio, making the stock its largest position. Rockland Trust Co. owned about 2.06% of Independent Bank Corp. worth $24,468,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of INDB. BlackRock Inc. raised its holdings in Independent Bank Corp. by 49,979.6% in the 1st quarter. BlackRock Inc. now owns 3,281,718 shares of the bank’s stock worth $213,310,000 after purchasing an additional 3,275,165 shares during the period. Janus Henderson Group PLC acquired a new position in Independent Bank Corp. in the 2nd quarter worth about $45,593,000. State Street Corp increased its stake in Independent Bank Corp. by 15.2% during the 1st quarter. State Street Corp now owns 841,085 shares of the bank’s stock worth $54,681,000 after buying an additional 111,161 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Independent Bank Corp. by 4.3% in the first quarter. Vanguard Group Inc. now owns 2,362,266 shares of the bank’s stock valued at $153,548,000 after purchasing an additional 96,358 shares in the last quarter. Finally, Denver Investment Advisors LLC grew its position in shares of Independent Bank Corp. by 48.2% in the second quarter. Denver Investment Advisors LLC now owns 279,749 shares of the bank’s stock valued at $18,645,000 after purchasing an additional 90,999 shares in the last quarter. 76.32% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently issued reports on INDB shares. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Wednesday, July 26th. Compass Point raised Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price target on shares of Independent Bank Corp. in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $73.00.
In other news, Director Eileen C. Miskell sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $71.27, for a total value of $85,524.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.67% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This piece of content was first reported by Community Financial News and is the property of of Community Financial News. If you are reading this piece of content on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark law. The original version of this piece of content can be read at https://www.com-unik.info/2017/11/06/rockland-trust-co-raises-holdings-in-independent-bank-corp-indb.html.
Shares of Independent Bank Corp. (NASDAQ INDB) remained flat at $$71.60 during mid-day trading on Monday. The company’s stock had a trading volume of 9,320 shares, compared to its average volume of 75,449. The stock has a market cap of $1,964.93, a PE ratio of 22.17 and a beta of 0.98. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.17.
Independent Bank Corp. (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.04). Independent Bank Corp. had a return on equity of 9.76% and a net margin of 23.48%. The company had revenue of $87.84 million during the quarter, compared to the consensus estimate of $88.57 million. During the same period last year, the business earned $0.78 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. research analysts anticipate that Independent Bank Corp. will post 3.41 earnings per share for the current fiscal year.
About Independent Bank Corp.
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB).
What are top analysts saying about Independent Bank Corp.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Independent Bank Corp. and related companies.